/EIN News/ -- PHILADELPHIA, Feb. 12, 2018 (GLOBE NEWSWIRE) -- Rittenhouse Realty Advisors is pleased to announce the sale of 4317 Spruce Street, in the Spruce Hill neighborhood of Philadelphia. The property consists of 25 apartments featuring hardwood floors, gas cooking, and shared laundry access in the basement. It is within walking distance to the University of Pennsylvania, Drexel University, and the University of the Sciences and also is convenient to 30th Street Station for access to SEPTA and Amtrak.

4317 Spruce Street Philadelphia, PA

Ken Wellar, Managing Partner at RRA, stated: "University City continues to be one of the strongest markets in Philadelphia and Spruce Hill, specifically, continues to see strong rent growth year after year.”

Spruce Hill, located in West Philadelphia, is known for its tree-lined streets, well-preserved Victorian architecture and its eclectic restaurants and cafes along Baltimore Avenue. Corey Lonberger, Managing Partner at RRA, noted: "4317 Spruce was an excellent value-add opportunity in one of Philadelphia's most highly sought after neighborhoods."

Mark Duszak, Director at RRA, added: “Although both local and out of state investors had strong interest in this University City location, ultimately it was purchased by a local owner/operator.”

Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout the northeast region of the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family and mixed-use properties with significant residential components.

Founded in 1995, EIN News is an international leader in real-time news tracking and digital information services. Our systems continuously scan the web, indexing news from thousands of worldwide sources. The data is then filtered and organized into news streams. The process is supervised by a team of professional news editors.

We are news professionals and technologists dedicated to producing the fastest and most comprehensive news streams on the planet. We are committed to providing our members with the highest quality software tools and resources available.